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Planning: Tools & Services > Estate Strategies
Estate Strategies

You may hear the word "estate" and think it's something that applies only to the rich—not someone like you. Actually, an estate refers to the total of your assets, whether very valuable or quite modest. Almost everyone has an estate and expects to leave it to heirs when he or she dies. But that also might leave heirs with a tax burden.

Planning to protect your estate is simply protecting your assets from loss before and after your death.

To establish a good estate strategy, it's critical to determine the best possible ways to:

  • Protect your assets so they last as long as you do.
  • Transfer those assets to your loved ones with the least amount of cost after your death.
  • Arrange for the proper ownership of assets so they pass according to your plan.
Many people are unsure about what kinds of assets make up an estate. Generally, the IRS defines an estate as "everything you own." Typically, your estate can include your:
  • Car.
  • Home.
  • Farm or business.
  • 401(k) and 403(b) plans.
  • Savings and investments.
  • IRAs.
  • Life insurance death benefit.
  • Household/personal property.
When you do a complete inventory of your assets, you might be amazed to discover the size of your estate! By the IRS definition, it doesn't take much to have a taxable estate. Remember, future growth of your estate may create even more estate taxes. Your first plan of attack should be to plan now to make sure your family is ready for the IRS when it's time for the transfer.

Estimate the size of your estate
Start by considering and listing everything you own. Here are some general assets you may have:

  • Bank accounts.
  • Stocks and bonds.
  • Certificates of deposit.
  • Businesses.
  • A farm.
  • Mutual funds.
  • Vehicles.
  • Pensions, IRAs, Keoghs, annuities.
  • Art, antiques, jewelry.
  • Life insurance (including employer sponsored group term).
  • Personal effects.
  • Real estate.
Next, list your liabilities such as:
  • Outstanding debts.
  • Credit-card bills.
  • Mortgages.
  • Loans.
With your two lists—assets and liabilities—you will be ready to call your financial representative to determine whether you may benefit from the Thrivent Financial for Lutherans estate protection services.

 
 
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Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

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This document was last updated on Friday, July 7, 2006 at 12:27 PM